The fall season isn’t officially here yet. But for all intents and purposes, it has practically arrived. The kids are back in school, so summer vacation is over. And that means that there are bound to be some changes with your business. Depending on your business type, of course, you may be experiencing a decline in traffic this week. With fewer youngsters in the malls and the fall season quickly approaching, you’re likely thinking of a new approach to selling your products.
Perhaps, gift cards should be added to the list of products that you sell. Consider the fact that selling a gift card is earning your company money for items that it hasn’t even sold yet. And there are many reasons that customers will want to buy gift cards in the coming months. This may sound crazy considering that the summer isn’t even officially over yet…but, before you know it, we’ll all be holiday shopping!
Gift cards are often viewed as the perfect gifts to give because they take into consideration what the gift recipients really want. According to HubPages.com, it is a lot more thoughtful to give someone a gift card than it is to give that person cash. The site points out that it shows that some effort was put into the giving of the gift by the gift-giver. Cash, it seems, tends to come off as rushed and without thought.
“To think, someone receiving something free of charge might actually be offended that you did not take extra effort to find it and wrap it up nicely first (just kidding! (but not really….)),” reads the site, “If you want to come off as someone who cares, a gift card might be better than cash.” MoreBusiness.com seems to agree. The website points out that gift card recipients enjoy the fact that they don’t have to return gifts that they don’t like.
“Consumers love gift cards,” says the site, “They offer a way to receive a personalized gift without having to take it back for an exchange. Retail gift cards are big business, especially around the holidays.” But how does the selling of gift cards benefit your business at the end of the day? Sure, they provide consumers with an amazing convenience. But do you stand to make more money?
According to MoreBusiness.com, “a 2004 survey performed by the market research firm, First Data, showed that 82 percent of small to mid-sized businesses who use retail gift cards experienced increased sales. The firm also states that to enjoy the most revenues from retail gift card sales, a business should begin marketing them in November and also aggressively promote them two weeks before Christmas.”
In addition, gift cards encourage new people to visit your store. They are recommendations for your brand that pretty much guarantee new visitors. “Receivers of gift cards for business are more likely to shop at your store, even if they never have in the past,” says MoreBusiness.com. The site goes on to note that gift cards encourage people to spend more with your brand, as they will often spend more than the value of the cards.
“With a gift card for your business, they will come by to redeem it, and in most cases, will spend more than the gift card amount,” reports the site, “Also, they are more likely to visit your business more than just the one occasion to redeem the card. You can even make the retail gift cards reusable. Offer to reload the gift card after it is spent so they have more incentive to return, or use the card as a way to save store credits or refunds.”